🚀 $FLY's 1st Earnings Report

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The Space Scoop

Week Ended 09.26.2025

Happy Friday! And we're back. We're also celebrating four years of TSI! Oh how time flies.. Thank you to all our readers over the years! With that acknowledged, lets dive in.

Market Max-Q

Top Stories

1) Voyager ($VOYG) acquires BridgeComm Technologies for an undisclosed amount.

• The strategic acquisition accelerates the Company’s ability to deliver advanced optical communication solutions for the defense and commercial markets. It also builds on Voyager's capabilities in advanced sensors, AI-enabled edge processing and on-orbit infrastructure.

• “With the acquisition, we can accelerate the rollout of optical solutions that will support Department of Defense missions while positioning the solutions for commercial adoption in parallel,"  said Dylan Taylor, Chairman & CEO of Voyager.

• VOYG shares rallied +13% on the day but finished +1% on the week.

2) Firefly ($FLY) reported second quarter earnings, its first earning release since becoming a publicly traded company. Highlights include:

• Cash & Equivalents: $205.3M

• Revenue: $15.5M, -26% YoY

• Net Loss: $(80.2)M vs. $(58.7)M

• Adj EBITDA: $(47.9)M, flat YoY

• FCF: $(37.3)M, flat YoY

• Backlog: $1.3B

• Shares: +10% 

In Other News

Aerospacelab Receives €37.5M in Funding (EIB)The Belgian satellite maker will use the funding, which was in the form of venture debt, to support R&D. The financing is also apart of the recently announced Series B funding round. The investment is backed by InvestEU, the EU’s flagship program.Kreios Space Raises €2.3M Pre-Seed (Co)The VLEO satellite and electric propulsion startup will use the funds for technology laboratory testing, construction of new facilities, and team expansion. The round included participation from Grow Venture Partners, XesGalicia and SpaceQuest Ventures along with a Startupxplore crowdfunding campaign.

Chart of the Week

Q2 2025 Global Space Activity 

(Source)

Links

• Globalstar ($GSAT) To Double Size of Earth Station in Support of Third Gen C-3 Constellation• Redwire ($RDW) Announces Follow-On Delivery of Edge Autonomy’s Penguin UAS to Ukraine Armed Forces• MDA ($MDA) and NHL’s Ottawa Senators Announce Multi-Year Partnership• Planet ($PL) Announces General Availability of Tanager-1 Satellite’s Data Products to Customers• Firefly ($FLY) Receives $10M NASA Contract Addendum for Blue Ghost Mission 1 Lunar Data• Voyager ($VOYG) Announces Vivace As Starlab’s Primary Structure Manufacturer• Planet ($PL) To Open New Satellite Manufacturing Facility in Berlin• Redwire ($RDW) Awarded Contract To Provide ROSA’s for Axiom’s First Space Station Module• MDA ($MDA) Selected To Deliver Enhanced SSA Data Services to Canadian Department of National Defence

Opinion

• Buy SpaceX Equity via Stock, Not a Fund or ETF• Rocket Lab’s ($RKLB) Surge Defies Gravity• Virgin Galactic ($SPCE): If Milestones Are Met, the Worst Is Mostly Priced In

Earnings Calendar

• $NOC: Oct 21 - Before Market Open• $HON: Oct 23 - Before Market Open*Company confirmed dates only.